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Did We Give Away The Store? 2004’s Major Corporate Lease Deals

Did We Give Away The Store? 2004’s Major Corporate Lease Deals. Robert D. Lane, Jr. and Eric J. Marcuson. PBI’s 8th Real Estate Institute December 8, 2004. An Overview of 2004’s Major Corporate Leasing Incentive Deals. Leasing activity in 2004

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Did We Give Away The Store? 2004’s Major Corporate Lease Deals

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  1. Did We Give Away The Store? 2004’s Major Corporate Lease Deals Robert D. Lane, Jr. and Eric J. Marcuson PBI’s 8th Real Estate Institute December 8, 2004

  2. An Overview of 2004’s Major Corporate Leasing Incentive Deals • Leasing activity in 2004 • Expiration of major leases in skyscrapers built in late 1980s • Tenant-friendly market

  3. Deciding to Move • Why do companies look to move? • Where do companies want to be? • What kind of space are companies looking for?

  4. Governmental Incentives • Brief history; incentives rise to prominence • Policy behind incentives and their development • Incentives available at state and local levels

  5. Pennsylvania Incentives • Keystone Opportunity Zones • Opportunity Grant Program • Infrastructure Development Program • Customized Job Training Program • Machinery and Equipment Loan Fund • PIDA Loans

  6. Philadelphia Incentives Commerce Department and PIDC • Tax Increment Financing • Grants for Job Creation and Job Preservation • Subsidized Loans

  7. New Jersey Incentives • Business Employment Incentive Program (BEIP Grants) • Urban Enterprise Zone Program • Business Relocation Assistance Grant (BRAG) • Customized Training Program

  8. Camden County Incentives • Employee Recruitment Incentive Bonus • Political Hotspot

  9. New York Empire Zone Program Industry-specific grants Vermont Economic Advancement Tax Incentive Program Other States’ Incentives

  10. The Process • Meet with officials/request offer letter • Negotiate and finalize offer • Complete application • Negotiate grant/loan agreement • Receive grant/loan proceeds • Complete follow-up requirements

  11. Major Lease Transactions in 2004

  12. Regional Action

  13. 2005 and Beyond

  14. Did We Give Away The Store? 2004’s Major Corporate Lease Deals Robert D. Lane, Jr. and Eric J. Marcuson PBI’s 8th Real Estate Institute December 8, 2004

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